McGrath Real Estate chief executive John McGrath has declared the Sydney property market "close to peak", according to an article in the Australian Financial Review.

McGrath's Monday report for its Sydney weekend clearance rate was 80 per cent, and while this was a "stronger property market" indicator, McGrath said the Sydney and Melbourne markets were 80 to 90 per cent through their cycle.

"I'd be concerned if Sydney sees another double-digit growth. I'm predicting three to five per cent more and then I think it's going to be plateauing. Melbourne is probably about the same," he said at the Aussie Home Loans conference in Melbourne on Monday.